Considerations

Socialize and Achieve Buy-In for the Plan

Articulate business strategy, delivery, operational readiness, regulatory impacts, and fraud and risk controls
- This will differ depending on strategy
Address areas of strategy, delivery, operations, compliance and risk in your communication
- Communicate full plan to entire organization
- Identify who is responsible at each stage

Ensure Communications Match Organizational Culture

When deciding to move forward with faster payments initiatives, resistance may be encountered. View this as an opportunity to illustrate the benefits of a faster payments initiative
One key to communication is addressing any cultural changes
Successful implementation may only be achieved with buy-in from all areas of the organization. An inclusive communications plan will ensure successful implementation of the new strategy

You may wish to consult existing sources pertaining to organizational culture. One example is Brightline Guiding Principles found at: https://hbr.org/sponsored/2017/10/deliver-a-strategy-that-works-by-managing-culture-and-communication

Identify Types of Education Needed for Internal Audiences

Education is not one size fits all
Types of education will need adjusting based on audience, subject matter expertise, essential job responsibilities and internal organizational structure
Education methods could include newsletters, in-person or distance training, and small group learning

Resources to Inform Strategy

Nacha
Payment Associations
Federal Reserve
The Clearing House
Other platform providers

Chart: Assessing Your Strategy

Questions to Address	Areas of Consideration	Objections/Questions	Benefit
Who is the potential user? Consumer? Business end user?	Security, KYC, customer due diligence, onboarding, fraud prevention, underwriting, user management and password recovery	Does solution work for all customers? Do we need additional staff?	Solution will solve a problem for our customer/member
Authentication	Security, good funds, CX, directory and ubiquity	Does this solution integrate with our existing systems? How do we prevent fraud?	Reduces friction for end-user
Messaging and information with payment	Data management, messaging requirements, data management failures and/or failure of message	Do we need additional staff? Will we need to work on weekends?	Consumers expect more information with payments Businesses can leverage messaging for efficiency
Faster payments mechanism	System uptime, cost, encryption, legal compliance	Is there additional compliance requirements? Is anyone else using this solution?	Faster payments in the U.S. are gaining adoption Compliance needs are similar to today
Availability and settlement	Legal compliance, 24/7/365, liquidity	Why is this better? How does it work? Will this change our settlement process?	Reduce risk to financial institution; Tools are available

Consider What Similar-Sized Organizations Are Doing Or Have Done

Prepare talking points based on your research
Be prepared to supply substantiated data to address concerns
Understand the expectation of profit versus cost to implement
Remind your organization that faster payments could represent another service to meet customers’ needs and grow your business